Advait Rao Palepu reports how a recent Supreme Court order will impact motor vehicles insurance policies.
Insurance of vehicle, including cars and bikes, will become costlier from April 1 as insurance regulator Irdai has decided to increase premiums by up to 40 per cent from the next fiscal.
The Insurance Regulatory and Development Authority on Wednesday announced that it would lift pricing controls on motor insurance, along with other lines of business currently under tariff, with effect from January 1, 2007.
In the June quarter, growth in the segment stood at around 4 per cent, with premium collection at Rs 15,724 crore against Rs 15,074 crore in the same period of FY19. This was the lowest growth in the last five quarters, starting from Q1FY19.
Mukesh Kumar, Executive Director, HDFC ERGO General Insurance Company Limited, talks about the many benefits of buying one
There will be higher charges for bank account-holders.
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